The series of seven transactions recorded in the following T accounts were related to a sale...

 

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The series of seven transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction. CASH NOTES RECEIVABLE (7) 61,509 (5) 60,000 (6) 60,000 ACCOUNTS RECEIVABLE SALES RETURNS AND ALLOWANCES 15,000 (1) 75,000 (3) (6) 60,600 (5) (7) MERCHANDISE INVENTORY COST OF MERCHANDISE SOLD (4) 9,000 (2) 45,000 (4) SALES INTEREST REVENUE (1) (6) (7) 15,000 60,000 60,600 45,000 75,000 (3) (2) 9,000 600 909 The series of seven transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction. CASH NOTES RECEIVABLE (7) 61,509 (5) 60,000 (6) 60,000 ACCOUNTS RECEIVABLE SALES RETURNS AND ALLOWANCES 15,000 (1) 75,000 (3) (6) 60,600 (5) (7) MERCHANDISE INVENTORY COST OF MERCHANDISE SOLD (4) 9,000 (2) 45,000 (4) SALES INTEREST REVENUE (1) (6) (7) 15,000 60,000 60,600 45,000 75,000 (3) (2) 9,000 600 909

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